Oil

Oil prices edged higher on Tuesday as China unexpectedly cut key policy rates for the second time in three months to shore up a sputtering economic recovery, although sluggish economic out of Beijing put a lid on gains. Brent crude futures rose 32 cents, or 0.4 per cent, to trade …

There is a decline in world oil prices of about 1 percent as investors assess the state of the Chinese economy, Trend reports. The price of October futures for Brent Crude Oil fell by 1.01 percent, reaching $85.94 per barrel. Meanwhile, September WTI futures also declined by 1.06 percent, dropping …

The EU on Saturday welcomed the completion of oil transfer from the decaying ship FSO Safer in the Red Sea waters off the Yemeni coast. “The successful transfer of the estimated 1.14 million barrels of light crude oil is key to averting an imminent environmental disaster in Yemen and the …

The International Energy Agency said Friday it had revised upwards its forecast for global oil demand growth in 2023 as demand is “scaling record highs”. World oil demand already hit a record 103 million barrels per day in June and August and “could see yet another peak”, the Paris-based IEA …

China is set to import 40% more crude from Saudi Arabia under term contracts in September despite the unilateral production cut of 1 million barrels per day (bpd) of the world’s top crude oil exporter, traders told Bloomberg on Friday. Chinese refiners are estimated to receive as much as 52 …

Oil prices fell slightly in Asian trade on Wednesday as data pointed to a large weekly build in U.S. inventories, while weak economic signals from major importer China continued to dent the outlook for demand. After Chinese trade data disappointed markets on Tuesday, Chinese consumer inflation sank for the first …

Polish pipeline operator PERN said Tuesday it repaired a leak in a section of the Druzhba pipeline where authorities had detected a leak. PERN said technical services “restored full functionality of the damaged pipeline on Monday evening.” “Now the company’s focus will focus on clearing the area and restoring it …

China’s crude oil imports in July fell 18.8 per cent from the previous month to the lowest daily rate since January, customs data showed on Tuesday, as major exporters cut back overseas shipments and domestic stocks continued to build. Crude shipments into the world’s biggest oil importer in July totalled …

Oil prices were little changed on Tuesday after China reported a sharp monthly drop in imports in July, which reinforced demand fears, though that was offset by supply concerns from Saudi Arabian and Russian output cuts. Oil imports to China, the world’s largest oil importer and second-largest consumer, in July …

Russia expects to get a huge inflow of energy revenue by the end of this year despite an oil price cap imposed by Group of Seven nations, and may channel it toward spending as the government continues to pour resources into the war in Ukraine. In the last five months …